![]() ![]() Instead, you use the system for variable expenses that you do overspend on like food, entertainment, and drinks. Those aren’t the categories people are overspending in. You don’t need to use this method for essential expenses like housing and utilities. If your spending habits are out of control and you’ve tried and failed other budgeting methods in the past, the envelope system might be the solution for you. YNAB’s learning curve is steeper than Mint, and it can take a month or two to make its system of zero-based budgeting work, but it’s the best monthly budget system if your take-home pay is up and down. With YNAB, you’ll budget the money you made last month for the following month. That’s the known quantity since you have irregular income. What do you have? You have the money you made last month. In other words, only budget what you have right now. Zero-based budgeting is a method that encourages you to allocate every penny of your monthly income toward expenses, savings, and debt payments. YNAB uses a method known as Zero-Based Budgeting. But You Need A Budget (YNAB) is just what you’re looking for. If that’s the case, Mint and similar budgeting apps are a bit harder to work with. Maybe your monthly income varies because you have a side hustle or have a commission-based job like a real estate agent. We love Mint, but there is a better budgeting tool for anyone who has irregular income. ![]() We literally wrote the book on how to make a budget with Mint! You Need A Budget This may need some tweaking, but Mint mostly gets it right. ![]() Once you create your account and link your bank and credit card accounts, Mint automatically downloads your transactions and categorizes them for you. No more sitting down every month and going through bank statements to see where you spent your money. Mint is such a great way to automate budgeting so that it’s painless. No, budgeting apps have brought creating a budget into the current Millennium. ![]() The good news is that these days thanks to all of the great budgeting tools available, you’re no longer stuck with the old Excel spreadsheet method of budgeting. Instead, think of a budget as a partner that will help you reach your financial goals. Nothing can do that, not even the world’s greatest budget. You might get there eventually, but it will take a lot longer, and you will waste a lot of money along the way.ĭon’t think of a budget as a punishment, this thing that is stopping you from spending your money the way you want. Trying to reach your financial goals without a budget is like trying to reach a destination without a map (or Google Map here in the 21st Century). ![]()
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December 2022
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